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​tax news

Preparing for MTD for income tax

21/7/2022

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The making tax digital (MTD) rules currently only apply for businesses that submit VAT returns. Those traders need to keep their VAT records in a digital format and transmit their VAT return data directly from their digital records to HMRC using MTD-compatible software.

From 6 April 2024 similar MTD rules will apply to most individual traders and landlords who will need to keep digital business records and send digital summaries of their business income and expenses to HMRC every quarter.  If your gross trading and/or property income is more than £10,000 in the current tax year (2022-23) you will need to submit quarterly MTD updates plus an annual end of period statement and an annual finalisation statement which replaces your tax return. All of these reports must be submitted to HMRC online using MTD-compatible software, not on paper.
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HMRC will tell you early in 2024 whether you need to comply with MTD for income tax but it is best to start preparing your business now.
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Changing NIC in July

21/7/2022

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The rates for national insurance contributions (NIC) increased by 1.25 percentage points for everyone on 6 April 2022. From 6 July the NIC starting threshold will rise to £12,570 per year (£1,048 per month) for employees. This means that some lower paid employees will have more Class 1 NIC deducted from their pay from April to June 2022 but may pay no NIC from July 2022 onwards.
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    Phillip Holliday
    Director of PH Accounting

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